NeoGrowth, the pioneer in digital lending for SMEs in India and Paisabazaar.com, India's largest online marketplace for financial products, partnered to provide swipe-machine-based or POS based loans to small and medium scale enterprises last year.
With this alliance, NeoGrowth and Paisabazaar.com have increased their POS-based loan business by 100% during Oct- Dec 2018 period over the previous quarter.
The disbursals include Chennai-based 'BG Aadhithya Collection', which received a POS-based loan of Rs 40 lakh from NeoGrowth, within four days of application on Paisabazaar.com, making it the largest POS-based loan disbursal sourced through Paisabazaar till date. Many such loan cases have been logged in and disbursed with this alliance, ensuring quick & efficient loan processing.
This is a significant milestone marking the importance of digitalization in financial services industry, further enhancing the loan accessibility for MSME sector, NeoGrowth and Paisabazaar.com said in a joint statement today.
"I am extremely delighted with this remarkable achievement in such a short span of time nd thank the Paisabazaar.com team for their valuable contribution. We surely have a long way to go together and look forward to a growing and fruitful alliance," said Piyush Khaitan (PK), Founder & Managing Director, NeoGrowth.
As a market leader, Paisabazaar.com's objective is to make borrowing simple and convenient for India. NeoGrowth has been a great enabler in helping us provide our self-employed consumers with easy access to credit. One of our key focus areas this year will be to further boost lending to the MSME sector through our partnership," said Naveen Kukreja, CEO & Co-Founder, Paisabazaar.com.
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NeoGrowth participates at Asia Financial Institutions Forum 2019 in Bangkok
NeoGrowth participated as a Gold sponsor at the Asia Financial Institutions Forum 2019 organized by FMO at Hotel Amari Watergate in Bangkok on 22nd & 23rd January 2018. AFIForum 2019 is the inaugural edition of an annual gathering that aims to become the
largest forum for the impact community and the financial sector in Asia. AFIForum has the ambition to foster dialogue between investors and the financial sector to catalyse debt raising, equity investments and technical assistance programs.
NeoGrowth's CEO, Mr. Arun Nayyar addressed the audience in a panel discussion on the topic 'Fintech and innovative approaches to take away from India's growth market', wherein he highlighted on India pioneering the most innovative strategies to advance access to finance and addressing the missing middle. NeoGrowth also marked its presence at the forum with a networking booth and overall event branding.